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Defined Benefit pension plans require specific investment and expertise to be managed effectively. With the majority of third-party administrators focused on 401(k)s and other defined contribution plans, it has become increasingly difficult for organizations to locate administrative partners who can deliver purpose-built solutions.
The Client managed a Defined Benefit retirement program for its workforce. But, despite a positive relationship with their administrator, several ongoing concerns increased the workload of their benefits team, including:
Calculation errors
Limited support for annual roll-ups
Payroll transfer changes
Slow response times
Recognizing that the challenges with their current administrator were systemic, the Client sought an alternative, long-term solution to reduce risks. Their goal was to locate a partner who could provide reliable administration while adapting to the organization’s specific operational needs.
The Client partnered closely with October Three, who delivered a tailored solution to their goals. The implementation team worked to support existing workflows and accommodate custom requirements. Key elements included:
Flexible administration designed around the client's operations
Online beneficiary designation capabilities
Customized reporting and participant communications
A modern technology platform that provided an intuitive user experience
Responsive service throughout the evaluation, implementation, and ongoing administration process
Deep Defined Benefit expertise, including proactive recommendations and guidance that gave the client confidence throughout the transition
“The October Three team was very organized and helpful. They did all of the heavy lifting, and we couldn't have successfully transitioned without everyone on the team.”
–October Three Client
Since transitioning to October Three, the Client has seen meaningful improvements in both service and day-to-day plan administration, including:
Fast and consistent support for questions and administrative requests.
Streamlined contribution and interest reporting.
Online retirement processing that improves the participant experience.
A strong working relationship between the administration team and the plan's actuary contributed to a smooth initial valuation data exchange.
Greater confidence that the retirement program is supported by a partner with specialized defined benefit expertise.
The client continues to cite responsiveness as one of the greatest benefits of the partnership, reinforcing that the level of service experienced during the selection process has continued long after implementation.
With Decades of administrative experience, October Three delivers a purpose-built solution to streamline administration for you and your participants. Ready to make a change? Learn more about our solution today.